With continuing development of hydropower in China, cascade hydropower system will account for more in the power grid, and may increase power grid operation risk under global climate change. This paper presents a parallel chance-constrained dynamic programming model to derive optimal operating policies for a cascade hydropower system in China. The innovation work of this paper is mainly embodied in two aspects. First, the reliabilities of meeting the firm power requirements of the cascade hydropower system and avoiding extreme system failure under extreme events are explicitly embedded in the model using Lagrangian duality theory and a penalty function. Multiple operating policies are generated by updating the values of Lagrangian multiplier and penalty coefficient for system disruption, then best operating rules are selected based on system performance and evaluated according to simulated reliability, extreme system failure, and maximum benefit. Second, the Fork/Join parallel framework is deployed to parallelize the chance-constrained dynamic programming in a multi-core environment for improving computational efficiency. Two computing platforms with contrasting configurations are employed to illustrate the parallelization performance. Results from a cascade hydropower system operation demonstrate that the proposed method is computationally efficient and can obtain satisfying operating policies, especially for extreme drought events.